CVC Engages Ares About Refinancing Sports Portfolio

CVC Capital Partners, a significant backer of Premiership Rugby, Six Nations and major global sports assets, is reportedly in talks with Ares Management about refinancing its £9 billion sporting holdings. The proposed structure would inject fresh capital or restructure existing debt to enhance liquidity and flexibility across CVC’s sports portfolio, which was recently repackaged under a new division, Global Sport Group. (GSG).    

For CVC, which also holds stakes in several European football properties, the transaction underscores a desire to optimize capital structure and reduce balance sheet pressure in light of growth ambitions and earnings expectations across portfolio brands. The engagement of a credit investor like Ares suggests a hybrid approach — combining debt capital with structured coverage — rather than outright new equity. Strategically, such refinancing can support further investments in technology, broadcasting, event expansion, or regional growth initiatives without over-relying on incremental equity raises.

From a risk lens, the strategy hinges heavily on the reliability of underlying cash flows across the sports assets, which are subject to event scheduling, media rights cycles, and attendance fluctuations. Any underperformance in key leagues (e.g. rugby or football) could stress the debt structure. Moreover, the use of leverage in sports — traditionally a volatile sector — adds sensitivity to downturns or disruptions. However, bringing in a sophisticated credit partner may give CVC more robustness and expertise in structuring liabilities to match long-term revenue profiles.

For stakeholders — leagues, clubs, broadcasters, and sponsors — the recapitalisation could bring renewed alignment and stability. Clubs within CVC-backed competitions may see more predictable investment flows, or benefit from better-coordinated strategic initiatives across regions. On the flip side, scrutiny will rise over fiscal discipline, return expectations, and how CVC balances growth versus distributions to investors in this debt-leveraged paradigm.

The move to work with Ares suggests that CVC is seeking to de-risk and re-engineer its financing model as it enters its next growth phase. If executed well, it provides both a bridge to further expansion and a template for how large private equity players can scale sports investments with a balance of capital efficiency and strategic flexibility. The successful execution - or misstep - of this refinancing may well be a bellwether for the evolving maturity of private capital in global sports.